Foundation June 2023 Paper 2 Q24
24 Charlotte buys a painting for $680
The value of the painting increases by 4% each year.
Work out the value of the painting at the end of 3 years.
Give your answer correct to the nearest $
(3)
| Scheme | Marks |
|---|---|
| for \(0.04 \times 680\) oe (= 27.2) or \(1.04 \times 680\) oe (= 707.2) | M1 |
| \(1.04 \times \text{``}{707.2}\text{''}\) (= 735.488) oe and \(1.04 \times \text{``}{735.488}\text{''}\) (= 764.90752) oe or \(0.04 \times (680 + \text{``}{27.2}\text{''}) = 0.04 \times \text{``}{707.2}\text{''} = 28.288\) and \(0.04 \times \text{``}{(707.2 + 28.288)}\text{''} = 0.04 \times \text{``}{735.488}\text{''} = 29.41952\) and \(\text{``}{735.488}\text{''} + \text{``}{29.41952}\text{''}\) (= 764.90752….) | M1 |
| Correct answer scores full marks (unless from obvious incorrect working) Answer: 765 | A1 |
| (3) | |
| (3 marks) |
Notes
M1: For finding 4% or 104% of the value
M1: for completing the method
A1: or 764 – 765
(if a correct answer is seen in working and then rounded incorrectly, award full marks)
SC: if no other marks gained award M1 for \(1.12 \times 680\) oe or 761.6(0) (or 762) or \(0.12 \times 680\) oe or 81.6(0) (or 82) or \(0.96^3 \times 680\) oe or 601.62… (or 602)
(accept (1 + 0.04) as equivalent to 1.04 throughout but not (1 + 4%))
or M2 for \(680 \times 1.04^3\) or \(680 \times 1.04^4\) or 795.5(0…..)